Poverty, other financial issues and divorce

On behalf of Cunningham Law Office posted in divorce on Friday, March 8, 2019.

Many people concentrate on emotional issues surrounding divorce, such as depression and other negative feelings, while some may have serious concerns related to their children (how custody will be awarded, the ways in which their kids will be impacted by the divorce process, and so on). There are many other divorce issues to explore, however, such as various financial considerations. For some parents, poverty is a serious challenge with respect to divorce, whether financial challenges led to the breakdown of a marriage or a parent is worried about their financial future afterward. There may be many other financial considerations to go over before and after a divorce as well.

If you are currently facing financial hardships, it is important to approach your divorce from the right angle. There could be different strategies to make your divorce less costly, and you may be able to reduce the financial impact of your divorce by planning ahead carefully. Even if you are not experiencing financial difficulties and do not anticipate these problems to arise in the future, the end of your marriage could affect your finances in many ways. For example, you may need to pay alimony or child support, or you could struggle with the division of marital property.

Because there are so many financial considerations surround the divorce process, each case needs to be approached from a personalized point of view. Please feel free to read more about the divorce process on our family law page and try to develop a clear understanding of your options.

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